The Guardian's financial columnist Nils Pratley argues that easyJet's board has given in too readily to a takeover approach from Castlelake, a US private investment firm active in aircraft financing and leasing. After rejecting three earlier offers as fundamental undervaluations and dismissing a fourth at 650p as "substantial", the board reached an "agreement in principle" at the weekend at 690p a share, valuing the airline at £5.5bn. Pratley contends this represents a premature surrender, since easyJet is a fundamentally sound business rather than one in need of rescue, and shareholders risk being talked into accepting a deal that undersells the company's prospects.

The column notes that 690p looks attractive against the 464p at which shares stood before the Iran conflict hit airline stocks, but says this ignores easyJet's own growth potential. The airline lifted pre-tax profits 46% to £665m in the two years to September 2025, has a solid balance sheet, an early-successful holidays business generating £250m profit, plans to modernise its fleet, and an intact target of £1bn-plus in profits. Pratley also highlights asset value — 208 wholly owned aircraft, aircraft on order amid constrained supply, and prized landing slots at Gatwick — valued by City analysts at 600p-650p. Castlelake has until 3 August to make a firm offer, and Pratley urges chair Sir Stephen Hester to push for a higher price, though he fears the bid will ultimately succeed.